Corporation Tax Act 2010 section 357XG

Exploration and exploitation of UK sector of continental shelf

Section 357XG provides that activities relating to the exploration or exploitation of natural resources on the UK continental shelf are excluded activities for the purposes of the Northern Ireland corporation tax regime.

• Any activity involving the exploration or exploitation of the seabed, subsoil and natural resources in the UK sector of the continental shelf is an excluded activity
• Activities carried on in connection with rights to assets produced by such exploration or exploitation are also excluded
• Exploration or exploitation rights include rights to the assets themselves, interests in those assets, or benefits derived from them
• The UK sector of the continental shelf means the areas officially designated under the Continental Shelf Act 1964